SB 680
Repealing personal income tax and corporate net income tax
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill proposes to eliminate both the personal income tax and the corporate net income tax in West Virginia. The legislation aims to improve the state's economic competitiveness, attract new residents and businesses, and stimulate job creation. While the taxes would be repealed, existing tax liabilities would remain enforceable until December 31, 2027, and the state would establish alternative revenue sources to maintain fiscal stability.
Key provisions
- Repeals the personal income tax as outlined in Chapter 11, Article 21 of the West Virginia Code.
- Repeals the corporate net income tax as outlined in Chapter 11, Article 24 of the West Virginia Code.
- Existing tax liabilities for taxable years ending before January 1, 2028, and before January 1, 2028, respectively, will remain enforceable.
- The State Tax Commissioner will provide forms and procedures for final returns and refunds related to the repealed taxes.
- All related code sections referencing the repealed taxes will be repealed or amended.
- The State Tax Commissioner is granted rulemaking authority to implement the repeal.
- The personal income tax repeal takes effect July 1, 2026.
- The corporate net income tax repeal takes effect January 1, 2028.
Who is affected
- Individuals
- Families
- Businesses
- West Virginia Residents
- Corporations
Notable changes
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